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Commodities Brief: Gold due for short term bounce before next leg down?

FXstreet.com (Barcelona) - The gold market experienced another roller-coast of day, trading as low as 1321 during the Asia session and as high as 1404 during New York trade before closing up 1.03% at 1369.40. The action in recent days has led many analysts to question whether the long term bull trend of gold has been damaged, or if this just a much needed correction before another leg higher begins.

According to Sean Lee at FXWW, “Gold fundamentals haven’t changed; central banks continue to print Fiat currency at breakneck speeds and much of this excess paper will eventually find its way to developing economies in Asia and South America.” He went on to add, “These people have a much different relationship with Gold and the Fiat system than do western economies who’ve been so well served by the latter. Don’t look at the futures market, look instead at what happens in the physical market where Chinese, Indian, Brazilian interests continue to buy in size.”

Looking at the daily chart, price remains below all short term moving averages (9dma & 20dma), and they are also downward sloping which adds to the bearish development. A short term bounce after such a severe sell off is often due to short covering and doesn’t repair the technical damage on longer term time frames. First resistance sits at 1404.2 (high price from April 16th), followed by 1422 (supply candle on 60min chart). Initial support sits at 1360 (support on 1 hr chart), followed by 1330 (bullish engulf candle on 60 min chart). Given the slope of the moving averages on all three time frames (daily, weekly, monthly), it’s hard to argue from a trend following perspective that the path of least resistance isn’t lower.

Forex Flash: AUDJPY should be at the heart of volatility near term - Saxo Bank

After a sell-off towards 99.00 on Monday, the AUD/JPY snapped prices back up to now be flirting with the 102.00 round number. According to John J Hardy, Head of FX Strategy at Saxo Bankand, "Abe and Kuroda have so convinced the market to sell the JPY that puts are only slightly more expensive than calls (historically rare)."
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Forex: EUR/AUD winning streak continues, more gains to follow?

The EUR/AUD traded higher for a 3rd straight day, closing up 48 pips at 1.2691. The pair is now up an impressive 3.45% for the month of April. Given the weak economic data released during the European session (ZEW Economic Sentiment 24.9 actual vs. 31.5 forecast), many were searching for answers as to why the Euro was so well bid during the majority of the day.
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